Gold futures pull back from a 3-week high to finish lower
Gold futures settled with a loss on Wednesday, a day after marking their highest finish in about three weeks, as U.S. Treasury yields and the dollar strengthened. "A strong private payrolls report reminded investors that there is still strength in the labor market that could allow the [Federal Reserve] to remain aggressive" beyond the next two Federal Open Market Committee meetings, said Edward Moya, senior market analyst at OANDA. "Gold needs to see a sharper slowdown in the U.S. and cooler prices for a bullish breakout to form." Gold for December delivery fell $9.70, or 0.6%, to settle at $1,720.80 an ounce on Comex.
-Myra P. Saefong
(END) Dow Jones Newswires
October 05, 2022 13:34 ET (17:34 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.